Zoom is launching a $ 100 million venture capital fund to drive the growth of the Zoom Apps ecosystem and integrations, as well as its development platform and compatible hardware. The Zoom Apps Fund will invest in developer partners with viable products and early commercialization, with portfolio companies receiving between $ 250,000 and $ 2.5 million, according to Zoom.
The Zoom applications, launched under the name Zapps at the Zoomtopia 2020 conference, are different from the more than 800 applications offered on the platform’s marketplace. Zoom’s existing marketplace is focused on integrating the software with other applications, while these applications are intended to integrate applications with the Zoom one-click experience.
For developers, Zoom apps aim to provide a mix of app store distribution and viral potential to meet use cases.
Extend the functionality of the platform
The company intends to grow its Zoom Apps ecosystem in order to extend the functionality of its platform, especially for businesses, and become a broader collaboration provider for the future of work.
“I founded Zoom in 2011, almost 10 years ago. Without the support of early investors, Zoom would not be what it is today, ”said Eric Yuan, CEO of Zoom. “What I’ve learned over the past year is that we need to keep meetings productive and fun. I hope the Zoom Apps Fund will help our customers to come together happier and collaborate even more seamlessly. “
Zoom entered everyday language in 2020, as the Covid-19 pandemic forced schools and businesses to close their doors and individuals to comply with social distancing measures. The videoconferencing platform made it possible to facilitate meetings and virtual courses. So by the end of fiscal 2021, the company’s revenue had jumped 326%.